Which Term Policy is Best?

When I comes to choosing the right term life insurance plan, there may be several to con sider, including Level Term, Decreasing Term, Annual Renewable Term, among others.

Level Term life insurance is the most popular type of term policy by far.

Level term has premiums that never change during the life of your policy, and the amount of coverage never decreases. You can choose a policy term of 10, 15, 20, 25 or 30 years. Some insurers even offer 35 or 40 year level term policies.

Decreasing Term life insurance has premiums that never increase, while the amount of life insurance provided by your policy decreases each year you are insured. This type of plan may be good for someone with financial responsibilities that will decline over time.

Annual Renewable term life insurance plans provide coverage for a period of one year; however, you may choose to renew your policy for an additional year at expiration, but the premium charged for your coverage increases each year you renew your policy. The means, over time, this type of life insurance plan may not prove to be cost-effective.

Here's how you can learn more about which term policy is best for you and your family.

Cremation Insurance in NC

Can people living in North Carolina get insurance to pay for their cremation expenses?

Yes, there are life insurance companies that offer cremation life insurance plans in the state of North Carolina.

Usually, these plans offer small amount of life insurance, from $2,000 up to $20,000 of coverage to pay for the cost of a cremation and any related expenses. Get a free quote.

Here are some sample costs related to a cremation in North Carolina:

• Cremation Fee - $350
• Urn - $295
• Flowers - $105
• Direct Cremation. and related expenses - $1,914
• Full Service Cremation - $5,848

You can get a guaranteed issue life insurance policy to cover cremation expenses, with guaranteed approval for people ages 45 to 85. That means, even if you have been denied life insurance before, or you have a serious illness, you can still get insured.

Here's how to get Cremation Insurance in North Carolina.

What is a Renewable Term Policy?

A renewable term life insurance policy is temporary life insurance coverage that allows you the option to renew your policy, usually for a duration from 1-10 years.

If you choose to renew your life insurance, you will not have to prove insurability, which means, you won't have to take a medical exam to prove your are healthy enough to get insured.

Keep in mind, you will need to notify your insurance company by a certain date as to your wishes to renew your coverage. The time requirement for renewal request should be stated in the life insurance policy.

Your renewal policy will be based on your age at renewal, so your premiums for the new coverage will increase compared to the cost of your current term life insurance policy.

Here's how to learn more about renewable term life insurance policies.

Life Insurance for Elderly Parents over 80

Can I buy life insurance for my elderly parents who are over 80 years old?

Yes.

Adult children may purchase life insurance on their parents because they have an insurable interest in their parents.

And, there are life insurance carriers that offer life insurance for elderly people over eighty years of age.

In fact, United of Omaha offers up to $25,000 of life insurance with guaranteed approval for people ages 45 to 85. Get a free quote.

Guaranteed approval means you cannot be turned down for life insurance if you meet the age requirements. And, there's no health exam required, and no medical questions asked.

Even if your parents have serious health problems, or have been denied coverage by other insurers, they can still get insured.

Here's how to buy life insurance for elderly parents over 80 years old.

What is a Life Insurance Coverage Amount?

The life insurance coverage amount is the amount of life insurance provided by your life insurance policy.

It's the amount of life insurance you are insured for.

Upon your death the death benefit (coverage amount) is paid out from the insurance company to your beneficiary. 

The death benefit payout may be decreased based on any outstanding loans on the life insurance policy.

Selecting the right amount of life insurance coverage is one of the most important decisions you make when buying a life insurance policy.

You want to make sure you have enough protection to accomplish the goals you have set out for your life insurance policy; such as, replacing your income for your family.

It is usually recommended to use a life insurance needs calculator to assist you in determining how much life insurance coverage to purchase.

Here's how to learn more about choosing a life insurance coverage amount.

How to Get Life Insurance for Less?

How can I get a lower premium for life insurance coverage?

If you are looking to get more affordable life insurance protection, there are several tips you can follow to help you lower your cost of a policy.

Here are some helpful tips for saving on life insurance:

1. Choose a term life insurance policy, since permanent life insurance usually cost up to 5-10 times more than term life. Request a term life insurance quote.

2. Buy Now - Rates on life insurance increase with age, so you want to lock-in a lower rate while you are young and healthy.

3. Compare Pricing - Make sure you comparison shop for your coverage. You can request and compare free life insurance quotes online from several life insurance companies at once by visiting a life insurance website and filling out a short quote request form. It only takes a minute to get free life insurance quotes.

4. Quit Smoking - If you smoke, quit smoking, since smokers pay up to 2-5 times more for life insurance than non-smokers.

5. Get Healthy - It's a good idea to exercise regularly, eat healthy, lower your cholesterol, and improve your weight, in order to get a better rate on your life insurance policy. All of these things may improve your life expectancy, which in turn will help you to get a lower rate on your life insurance policy.

Also, make sure you know how much life insurance coverage you really need. That way you aren't paying for more life insurance than needed. You can use a life insurance needs calculator to assist you in determining how much life insurance is right for you.

Here's how to learn more about getting life insurance for less money.

Life Insurance Coverage Meaning?

Life insurance is a written contract between an insurance carrier and a policy owner.

A life insurance policy guarantees the life insurer pays out a sum of money to the named beneficiaries of a policy when the insured person dies, in exchange for the premiums paid by the policyholder to the insurer during the insured’s lifetime.

Term Life Insurance: Provides full risk coverage against any type of eventuality for the duration of the policy term.

Whole Life Insurance: Offers life insurance coverage till 100 years of age.

Learn more about life insurance and how it works.